Utility Tokens and Their Regulation Under MiCA
Miguel Alfonso Martínez-Echevarría, Rafael del Castillo Ionov · Law, governance and technology series · 2025
Abstract The MiCA Regulation regulates crypto assets which are not financial instruments, providing them with a legal regimen through a specific regulation. The MiCA regulation covers the majority of crypto asset classes currently being traded. Developing a single digital market requires a solid legal base that offers its participants security in developing distribution ledger technology projects for issuing and trading crypto assets. Utility tokens may be issued without obtaining preliminary authorisation if the projects comply with the requirements regarding the preparation, notification and publication of the crypto-asset white paper.